The role could reunite the 57-year-old actor with Steven Spielberg, who's in talks to direct the film.
The two previously worked together on three films, Saving Private Ryan, Catch Me If You Can and The Terminal. They also co-produced two HBO miniseries, Band of Brothers and The Pacific.
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Hanks would play James Donovan, an American lawyer who works with the CIA during the Cold War. Donovan has to work beyond the Iron Curtain to negotiate the release of an American pilot shot down over Russia.